Bitcoin Blog a1

Wednesday, March 12, 2014

Jake and Amir: Bitcoin, and MTGox

It is always amuses me to see Bitcoin in popular media, like it Jake and Amir here. I thoroughly enjoy opening the New York Times and seeing Bitcoin on the front page of the Business section. My delight however, often turns to dismay as the contents of the articles generally aren’t the best of news. It would seem scandal and arrest shroud the bitcoin, from illicit silkroad activities to MTGox refusing to pay out bitcoins.

I was recently very tempted to by a Bitcoin at MTGox. Their price was floating around 100 dollars a coin which is insanely low! In fact, it was probably too good to be true. All the other markets ate floating about $500 a coin. Due to “breaches in security” they are now withholding bitcoins, thus actually receiving the bitcoin in your wallet is doubtful at best. Can’t blame a guy for trying though right. It now seems MTGox's $100 price was too good to be true as they are now filing for bankruptcy.

Events like this however have made me begin to question bitcoins future. I always knew bitcoin was unstable, however, for some reason I thought it might be predictable unstable. I now I am starting to think that it is not, and if I were to make money or lose money with it, it would be purely luck.